Tiger leads $75 million funding in UrbanClap

BENGALURU: Home services startup

UrbanClap

has raised $75 million. The funding round was led by New York-based investment firm

Tiger Global Management

along with participation from existing backers — Hong Kong-based hedge fund

Steadview Capital

and tech-focused investor

Vy Capital

.


The deal also includes a secondary share sale by early investors, but the company did not disclose by whom or how much. UrbanClap’s early investors include

SAIF Partners

,

Accel India

and

Bessemer Venture Partners

.

The valuation for the new round could not be determined. UrbanClap was valued at $480 million when it raised capital in November last year. UrbanClap was founded in 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra.

The company offers services at home ranging from beauty & spa to cleaning, plumbing, carpentry, appliance repair and painting, among others.

Earlier this year, UrbanClap said that it had seen revenues more than double to Rs 116 crore in FY19 from Rs 46 crore in FY18, while operating losses increased 26% to Rs 72 crore.